Updated at 17:46,10-07-2018

Lukashenka spoke of $1 billion losses because of "Russian maneuver"


On October 2 President met with Prime Minister Myasnikovich.

"This is not normal: we had barely enacted arrangements when they get cancelled by the other hand, and as a result of that Belarus may lose a huge amount of money, more than $1 billion," quotes Alyaksandr Lukashenka BELTA. He recalled that the negotiations to resolve the problem were under way.

It should be recalled that we are talking about the Russian "tax maneuver" in the oil industry, because of which the Belarusian oil refineries are losing money. Due to the reduction of duties on oil in Russia (at the same time the tax on mineral extraction increases) its domestic price will increase. It will hit the refining margins both in Russia and in Belarus. It is known that plants of our country buy oil in Russia free of duty and at domestic price, Belarus pays duty on the export of petroleum products from the Russian oil as compensation.

More recently, the loss of Belarus were evaluated as follows: 2015 - $250 million in 2016 - $300 million, in 2017 - $370 million. Now the head of state named the amount of $1 billion. Belarus proposes to reduce the amount of export duties on petroleum products, which is transferred to Russia (it is a compensation for the resulting duty-free oil). Earlier, Alyaksandr Lukashenka estimated it at about $4 billion. Starting from next year, this amount will be reduced by $1.5 billion.